The Annual Conference of Financial Street Forum 2024, held in Beijing from October 18 to 20, brought together officials, business leaders, and experts from around the world to discuss crucial themes of global cooperation, financial opening, and economic development, with a major focus on the green transition. Participants highlighted China’s pivotal role in leading and financing the global shift toward greener, more sustainable practices.
China’s Leadership in the Green Transition
Bill Winters, CEO of Standard Chartered, emphasized China’s leadership in advancing green technologies and exporting them globally, which, when paired with financing mechanisms, is essential for supporting the green transition of developing countries. He pointed out that China plays a key role in standard-setting both domestically and internationally, which further drives global collaboration in green finance.
Michael Mainelli, Lord Mayor of the City of London, reinforced the need for global partnerships, particularly in sectors requiring significant funding for decarbonization, such as chemicals, steel, aviation, and freight. He expressed the City of London’s commitment to deepening cooperation with China and other international partners to tackle the financing challenges of the green transition.
Global Cooperation and Green Finance
Ralph Ossa, chief economist of the WTO, underscored the importance of international trade and cooperation in supporting climate objectives. Ossa advocated for collaboration rather than protectionism to ensure the effectiveness of green finance in driving the global green transition.
Abdulla Bin Sulayem, CEO of Seven Tides, a luxury real estate developer based in Dubai, also highlighted the benefits of working with Chinese companies and technologies, which help reduce business costs while contributing to global climate efforts.
China’s Green Financial Market Growth
China’s green finance initiatives have shown remarkable progress in recent years. As of mid-2024, China’s green loan balance reached 34.76 trillion yuan ($4.89 trillion), and outstanding green bonds in the domestic market amounted to 2 trillion yuan. Zhou Yueqiu, chair of the Academic Committee of the Beijing Financial Street Research Institute, noted that China’s vast green industries, including photovoltaic systems, new-energy vehicles, and lithium batteries, present attractive investment opportunities for global investors.
Zhou also emphasized that China’s comprehensive green finance policies and large-scale green financial market reflect its increasing importance in international green finance cooperation.
Conclusion
The Financial Street Forum 2024 served as a critical platform for discussions on how global financial systems can support the green transition. China’s leadership in developing green technologies, setting international standards, and fostering international collaboration through green finance was a central theme of the forum. With growing global investments in green industries and China’s continued efforts in expanding its green financial market, the country is expected to play a leading role in shaping the future of sustainable economic development.
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